profit correct answers revenue - cost
inferior good correct answers when your income raises you spend less money on things
normal good correct answers when your income raises you spend more money on things
capital correct answers physical inputs to the production costs (nonhuman like land ...
bus 200 exam 1 || With complete solutions.
profit correct answers revenue - cost
inferior good correct answers when your income raises you spend less money on things
normal good correct answers when your income raises you spend more money on things
capital correct answers physical inputs to the production costs (nonhuman like land and
energy)
ceteris paribus correct answers all else equal
labor correct answers work effort
technology correct answers how capital and labor are organized
inflation correct answers rate of increase of price levels
consumer price index correct answers index made up of goods from the average consumer
core consumer price index correct answers excludes food and energy prices
deflation correct answers negative inflation
disinflation correct answers process when inflation goes down
increasing inflation correct answers inflation goes up
producer price index correct answers looks at the prices that producers pay
fiscal policy correct answers policy enacted by the president and the government
budget surplus correct answers taxation is greater than government spending
budget deficit correct answers taxation is less than government spending
trade surplus correct answers exports are greater than imports
trade deficit correct answers exports are less than imports
monetary policy correct answers enacted by the federal reserve. monitor interest rates. when
the economy is booming, the FED increases interest rates. when the economy is in recession,
the FED lowers interest rates
peak correct answers highest point before GDP goes down
trough correct answers bottom GDP point
expansion correct answers rise of GDP
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